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Intersil CEO Discusses Q3 2011 Results - Earnings Call Transcript

In addition, this call is being web cast live over the Internet and may be accessed via the investor relations section of our website. A telephonic replay of the conference call and web cast will be available for two weeks through November 9. Questions during the call may also be submitted online via the web cast but will be answered by e-mail after the call.

Please note that some of the comments made during this conference call may contain forward-looking statements. I’d like to remind you that while these statements reflect our best current judgment, they are subject to risks and uncertainties that could cause our actual results to vary. These risk factors are discussed in detail in our filings with the Securities and Exchange Commission.

In addition, during this call, we may refer to financial measures that are not prepared according to Generally Accepted Accounting Principles. We sometimes use these measures because we believe they provide useful information about the performance of our business and should be considered by investors in conjunction with GAAP measures reported.

Our agenda for the call today is as follows, Dave Bell will discuss key highlights from the quarter, Jonathan Kennedy will review the quarter from a financial perspective, and Dave will follow with additional comments on each of our four key markets, as well as our forward-looking guidance. A Q&A session will follow.

I will now turn the call over to Dave Bell, President and CEO of Intersil.

David Bell

Thanks, Brendan. Good afternoon and thank you for joining us today for Intersil’s third quarter 2011 earnings conference call.

The third quarter was challenging as the worldwide economic environment weakened and demand for our products softened significantly. Various economic problems around the world as well as the tightening of credit in China have resulted in customers reducing inventory levels throughout their supply chains. This has driven both stockings and shipments below demand, as excess inventory is consumed, repeating the pattern seen in many past cycles.

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